Results 8,601-8,620 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Sorry, Senator, you are leading a little by saying, "to make ... the books look better". Can you rephrase the question?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: I am also mindful that matters that are with the Director of Public Prosecutions, DPP, at present would not be permissible for discussion in this inquiry this morning. Please continue.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: That is a matter of criminal investigation at present, Senator. You know it and I know it. It would be completely unfair to other members of the committee and certainly unfair to the inquiry given what we have seen happen previously. A recent judgment more or less removed many years of the work of a tribunal because of a faultline being implanted into its work. Please...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Can Governor Honohan acknowledge in his response that there was a change in the regulatory practice in the ten years prior to the guarantee and that we moved from one type of regulation to what is principles-based regulation? I think Deputy Phelan is in that space. However, Governor Honohan is answering the question, but he is not acknowledging that we moved from one regulatory framework to...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Stop. We are into the morning of the bailout programme now and I have made this very clear, Deputy. That was two years and two months after Professor Honohan's report was published.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: There are no "well" or buts about it. There will be no show boating here and no breaching of the rules. We will return back-----

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: You will get an opportunity to answer it at a later meeting. Deputy Phelan, you may be the lead questioner that morning and you will have 20 minutes to talk about the "Morning Ireland" programme but that is not up for discussion today. It is unfair to people who are watching this morning to be raising questions that people know are out of order.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: I am not entertaining it today so put another question instead.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Very briefly, please, because we will be going into recess.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Sure and then we will have the suspension.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Thank you Professor Honohan. I am now proposing that we suspend for a brief break, resuming at 11.20 a.m. Is that agreed?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: We will proceed with our engagement with Professor Honohan.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: On Deputy Eoghan Murphy's final point regarding consensus and dissenting voices, that does not appear to be the view held at European level. Just last week the Bank of England released its minutes of a meeting of the committee of its non-executive directors on 15 October 2008, which stated, “Actions announced first by the Irish government and then the German government were both...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Does Professor Honohan consider the Bank of England's "beggar thy neighbour" comment as being valid?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: We are running out of time now, Deputy.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Can you conclude now Deputy?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Before I bring in anyone else, I want to round this off. We have been around the room this morning with you, Professor Honohan and it would be unfair not to get this ironed out before we move on. You talked about the rules in the 1980s and the 1990s. In 1995, the Central Bank, in its winter bulletin, set out very clear advice with regard to concentration limits in the sector. This is...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Something happened between 1995 and 2005 and to use your term, this bulletin became a "dead letter". A more appropriate term might be that what was set out in that bulletin was "abandoned". What happened?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: You said earlier this morning that the regulation was the same. Something happened. Sectoral credit limits were there, set out clearly. No new letter came from the Central Bank; there was no waiver issued on paper but something happened and the banks started changing how they operated. How did that happen?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Yes, but the Irish financial environment changed quite significantly from 1995 on. We did not have the IFSC operating at that time to the extent that it was in the 2000s. I am asking you if it was as a result of lobbying or something else that the bulletin that was issued in 1995 became a "dead letter", as you describe it?